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Carbondale Reporter

Sunday, November 24, 2024

Former state school employee Orr paid in $7K to teachers' pension fund, could collect $187K in retirement

Money 02

Former state school employee Nila Orr, who retired in May 2016, saved $7,268 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Orr would collect as much as $187,199, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Orr received $3,934 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Orr will have already received $7,986 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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